The Chinese company Sinosteel Cam SA, which has been selected by the government of Cameroon for the exploitation of iron ore in the southern region of the country, could invest over 432 billion CFA francs in the first phase of the project, officials from the firm have announced.
The site of the project, which was discovered about 15 years ago by Cameroon’s Geological Management Office (BGGC), includes an iron exploitation area of 805 square kilometers, the activities of which are expected to start next year.
According to the estimates, the site will produce four million tons of iron per year, over a period of 25 years, representing 632,820 million tons. It can be noted that 33 per cent of the iron reserves can already be exploited.
The government authorities in Cameroon have reminded their Chinese partners to abide by the terms of the contract which stipulated that 15 per cent of the production will be processed locally, an option which represents an “added value to the national economy,” according the Fuh Calistus Gentus , the permanent secretary of the Ministry of Mines, Industry and the New Technologies.
Source African Press Agency
African News from NetNewsPublisher.com
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